UTAH MEDICAL PRODUCTS INC Files Quarterly Report

TL;DR

<b>Utah Medical Products Inc. filed its quarterly report (Form 10-Q) for the period ending March 31, 2024.</b>

AI Summary

UTAH MEDICAL PRODUCTS INC (UTMD) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Filing is a Form 10-Q for the quarterly period ended March 31, 2024. The company is Utah Medical Products Inc., with Central Index Key 0000706698. Business address is 7043 S 300 WEST, MIDVALE, UT 84047. The filing covers the period from January 1, 2024, to March 31, 2024. The SIC code is 3841 for Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking UTAH MEDICAL PRODUCTS INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Utah Medical Products Inc. for the first quarter of 2024. The 10-Q report details the company's financial position, results of operations, and cash flows, which are crucial for assessing its current health and future prospects.

Risk Assessment

Risk Level: low — UTAH MEDICAL PRODUCTS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments based on the provided header information.

Analyst Insight

Review the detailed financial statements and management discussion within the full 10-Q filing to understand the company's performance in Q1 2024.

Key Numbers

• 2024-03-31 — Quarterly Period End Date (Reported period)
• 2024-05-10 — Filing Date (Date of submission)
• 2024-01-01 — Quarterly Period Start Date (Reported period)
• 1231 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• UTAH MEDICAL PRODUCTS INC (company) — Filer name
• 0000706698 (company) — Central Index Key
• 3841 (company) — Standard Industrial Classification
• 7043 S 300 WEST (company) — Business Street Address
• MIDVALE (company) — Business City
• UT (company) — Business State
• 84047 (company) — Business Zip Code
• 8015661200 (company) — Business Phone

FAQ

Industry Context

Utah Medical Products Inc. operates in the Surgical & Medical Instruments & Apparatus industry.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and net income figures for Q1 2024.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any disclosures regarding significant events or risks in the Management's Discussion and Analysis section.

Year-Over-Year Comparison

This is a standard quarterly filing (10-Q) and does not provide comparative data to a previous filing in the header information.

Key Financial Figures

• $0.01 — nge on which registered: Common stock, $0.01 par value UTMD NASDAQ Indicate by
• $40 — was 1.2%, increasing reported USD sales $40 relative to the same foreign currency s
• $1,220 — , total consolidated 1Q 2024 sales were $1,220 (9.7%) lower than in 1Q 2023. UTMD's 1
• $6,766 — Q 2023. UTMD's 1Q 2024 Gross Profit at $6,766 was $1,077 lower than 1Q 2023 Gross Pro
• $1,077 — MD's 1Q 2024 Gross Profit at $6,766 was $1,077 lower than 1Q 2023 Gross Profit of $7,8
• $7,843 — ,077 lower than 1Q 2023 Gross Profit of $7,843. The 13.7% lower Gross Profit was the r
• $3,883 — t less Operating Expense, in 1Q 2024 at $3,883 (34.2% of sales) was $556 lower than 1Q
• $556 — 1Q 2024 at $3,883 (34.2% of sales) was $556 lower than 1Q 2023 Operating Income of
• $4,439 — lower than 1Q 2023 Operating Income of $4,439 (35.5% of sales). The Operating Income
• $1,105 — 3. The CSI IIA amortization expense was $1,105 in 1Q 2023 (and zero in 1Q 2024). Offse
• $342 — ortization expense in G&A expenses were $342 higher litigation expenses. Combining t
• $668 — tal consolidated G&A expenses were just $668 lower in 1Q 2024 than in 1Q 2023. The o
• $122 — Sales & Marketing (S&M) expenses, were $122 and $25 higher in 1Q 2024 than in 1Q 20
• $25 — Marketing (S&M) expenses, were $122 and $25 higher in 1Q 2024 than in 1Q 2023, resp
• $522 — ensors. In sum, Operating Expenses were $522 lower in 1Q 2024 than in 1Q 2023. Inc

Filing Documents

• utmd-20240331.htm (10-Q) — 362KB
• utmd_ex31z1.htm (EX-31.1) — 7KB
• utmd_ex31z2.htm (EX-31.2) — 7KB
• utmd_ex32z1.htm (EX-32.1) — 3KB
• utmd_ex32z2.htm (EX-32.2) — 3KB
• 0001811884-24-000015.txt (&nbsp;) — 1880KB
• utmd-20240331_cal.xml (EX-101.CAL) — 31KB
• utmd-20240331_def.xml (EX-101.DEF) — 29KB
• utmd-20240331_lab.xml (EX-101.LAB) — 123KB
• utmd-20240331_pre.xml (EX-101.PRE) — 98KB
• utmd-20240331.xsd (EX-101.SCH) — 18KB
• utmd-20240331_htm.xml (XML) — 134KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Condensed Statements of Income for the three months ended March 31, 2024 and March 31, 2023 2 Consolidated Condensed Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 3 Consolidated Condensed Statements of Stockholders' Equity for the three months ended March 31, 2024 and March 31, 2023 4 Notes to Consolidated Condensed Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 7 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 14 Item 4.

Controls and Procedures

Controls and Procedures 14

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 15 Item 1A.

Risk Factors

Risk Factors 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15 Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (in thousands) (unaudited) (audited) MARCH 31, 2024 DECEMBER 31, 2023 ASSETS Current assets: Cash & Investments $ 93,808 $ 92,868 Accounts & other receivables, net 3,591 3,391 Inventories 9,240 9,582 Other current assets 510 428 Total current assets 107,149 106,269 Property and equipment, net 10,266 10,551 Goodwill 13,638 13,692 Other intangible assets 54,029 54,296 Other intangible assets - accumulated amortization ( 49,641 ) ( 49,350 ) Other intangible assets, net 4,388 4,946 Total assets $ 135,441 $ 135,458 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 998 $ 769 Accrued expenses 4,476 3,941 Total current liabilities 5,474 4,710 Deferred tax liability – Femcare IIA 986 1,120 Other long term liabilities 698 698 Long-term lease liability 285 295 Deferred income taxes 256 322 Total liabilities 7,699 7,145 Stockholders' equity: Common stock - $ 0.01 par value; authorized - 50,000 shares; issued and outstanding - March 31, 2024, 3,588 shares and December 31, 2023, 3,628 shares 36 36 Accumulated other comprehensive loss ( 11,289 ) ( 10,658 ) Additional paid-in capital 0 594 Retained earnings 138,995 138,341 Total stockholders' equity 127,742 128,313 Total liabilities and stockholders' equity $ 135,441 $ 135,458 see notes to consolidated condensed financial statements 1 Table of Contents UTAH MEDICAL PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023 (in thousands, except per share amounts - unaudited) THREE MONTHS ENDED MARCH 31, 2024 2023 Sales, net $ 11,340 $ 12,520 Cost of goods sold 4,574 4,677 Gross profit 6,766 7,843 Operatin

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General Utah Medical Products, Inc. (UTMD) manufactures and markets a well-established range of specialty medical devices. The Company's Form 10-K Annual Report for the year ended December 31, 2023 provided a detailed description of products, technologies, markets, regulatory issues, business initiatives, resources and business risks, among other details, and should be read in conjunction with this report. Because of the relatively short span of time, results for any given three-month period in comparison with a previous three-month period may not be indicative of comparative results for the year as a whole. Currency amounts in the report are in thousands, except per share amounts or where otherwise noted. Currencies in this report are denoted as $ or USD = U.S. Dollars; AUD = Australia Dollars; or GBP = UK Pound Sterling; C$ or CAD = Canadian Dollars; and or EUR = Euros. Analysis of Results of Operations a) Overview Income statement results in the first quarter (1Q) of 2024 compared to 1Q 2023 were as follows:: 1Q 2024 1Q 2023 change Net Sales $ 11,340 $ 12,520 (9.4%) Gross Profit 6,766 7,843 (13.7%) Operating Income 3,883 4,439 (12.5%) Income Before Tax 4,798 5,119 (6.3%) Net Income 3,956 4,214 (6.1%) Earnings per Share (diluted) $ 1.093 $ 1.159 (5.7%) Profit margins in 1Q 2024 compared to 1Q 2023 follow: 1Q 2024 (JAN – MAR) 1Q 2023 (JAN – MAR) Gross Profit Margin (Gross Profit/ sales): 59.7% 62.6% Operating Income Margin (Operating Income/ sales): 34.2% 35.5% EBT Margin (Profits before Income Taxes/ sales): 42.3% 40.9% Net Income Margin (Profit after Taxes/ sales): 34.9% 33.7% Domestic sales in 1Q 2024 were 14% lower and sales outside the U.S. (OUS) were 3% lower, in USD terms, compared to 1Q 2023. Using the same foreign currency exchange (FX) rates for sales not invoiced in USD, i.e. in "constant currency" ter

View Full Filing

View this 10-Q filing on SEC EDGAR